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Federal R eserve Bank
OF DALLAS
W IL L IA M

H. W ALLACE

FIRST VIC E PR ES ID ENT
FIRST VIC E PR E S ID E N T
AND CH IE F O PER ATING O FFIC ER

August 15, 1990

da lla s. tex a s

75 2 2 a

C i r c u l a r 90-56

TO:

The Chief Executive O f f i c e r o f each
member bank and o t h e r s concerned in
t h e Eleventh Federal Reserve D i s t r i c t

SUBJECT
Over-the-Counter (OTC) Margin Stocks
DETAILS
The Board o f Governors of t h e Federal Reserve System has r e v i s e d t he
l i s t o f o v e r - t h e - c o u n t e r (OTC) s t o ck s t h a t a r e s u b j e c t t o i t s margin r e g u l a ­
t i o n s , e f f e c t i v e August 13, 1990. The Board p u b l i s h e s a complete l i s t once a
y e a r and supplements c o n t a i n i n g a d d i t i o n s t o and d e l e t i o n s from t h e l i s t t h r e e
times a y e a r .
The complete l i s t of OTC s t o ck s as o f August 13, 1990, i s a v a i l a b l e
from t h e Pu bl i c A f f a i r s Department o f t h i s Bank upon r e q u e s t .
Included with
t h e l i s t , f o r t h e f i r s t ti me , i s a l i s t i n g o f f o r e i g n margin s t o c k s t h a t meet
t he e l i g i b i l i t y c r i t e r i a f o r i n c l u s i o n in t h e l i s t .

ATTACHMENT
A copy o f t h e Federal R e g i s t e r announcement o f r e v i s i o n s t o t h e l i s t
of OTC s t o c k s , e f f e c t i v e August 13, 1990, i s a t t a c h e d .
Included with t h e
r e v i s i o n s i s t h e l i s t i n g of f o r e i g n margin s t o c k s .

MORE INFORMATION
For more i nf or ma t ion r e g a r d i n g marginable OTC s t o c k r e q u i r e m e n t s ,
p l e a s e c o n t a c t Dean A. Pankonien a t (214) 651-6228. For c o p i e s o f t h e
m a t e r i a l s , p l e a s e c o n t a c t t h e Publ i c A f f a i r s Department a t (214) 651-6289.
Sincerely yours,

For additional copies of any circular, p le a se contact the Public Affairs D epartm ent at (214) 651-6289. B ankers and others are e ncourage d to u s e th e following
toll-free num ber in contacting the Federal R ese rv e Bank of Dallas: (800) 333-4460.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Federal Register / Vol. 55, No. 149 / Thursday, August 2, 1990 / Rules and Regulations

31367

first group of foreign equity securities
that have met the Board’s eligibility
criteria under Regulation T pursuant to
an amendment adopted by the Board
effective April 30,1990. The List of
Marginabie OTC Stocks and the List of
Foreign Margin Stocks will be published
four times a year by the Board. This
document sets forth additions to or
deletions from the previously published
List of Marginabie OTC Stocks which
w as effective May 14,1990, and lists the
foreign equity securities now eligible for
m argin treatment at broker-dealers.
EFFEC T IV E D A TE:

August 1 3 ,1S90.

? O R FU R TH ER INFORM ATION C O NTA CT:

FEDERAL RESERVE SYSTEM
12 CFR Parts 207, 220, 221 and 224
Securities Credit Transactions; List of
Marginabie OTC Stocks; List of
Foreign Margin Stocks; Regulations G,
T, U and X
a g e n c y : Board of Governors of the
Federal Reserve System.
A C TIO N : Final rule; determination of
applicability of regulations.

The List of Marginabie OTC
Stocks is comprised of stocks traded
over-the-counter (OTC) in the United
States that have been determined by the
Board of Governors of the Federal
Reserve System to be subject to the
margin requirements under certain
Federal Reserve regulations. The List of
Foreign Margin Stocks represents the

su m m ary :

Peggy Wolffrum, Securities Regulation
A nalyst, Division of Banking
Supervision and Regulation, (202) 4522781. For the hearing impaired only,
E am estine Hill or Dorothea Thompson,
Telecommunications Device for the Deaf
(TDD) (202) 452-3544, Board of
Governors of the Federal Reserve
System, Washington, DC 20551.
SU PPLE M E N T A RY INFORM ATION: Two
categories of stock information are
listed below'. The first group represents
additions to or deletions from the
Board's List of Marginabie OTC Stocks.
This supersedes the last List which was
effective May 14,1990. Additions and
deletions for that List wrere published on
May 3,1990 (55 FR 18591). A copy of the
complete List incorporating these
additions and deletions is available
from the Federal Reserve Banks.
The List of Marginabie OTC Stocks
includes those stocks that meet the
criteria in Regulations G, T and U (12
CFR parts 207, 220 and 221,
respectively). This determination also
affects the applicability of Regulation X
(12 CFR part 224). These stocks have the
degree of national investor interest, the
depth and breadth of market, and the
availability of information respecting
the stock and its issuer to warrant
regulation in the same fashion as
exchange-traded securities. The List
also includes any OTC stock designated
under a Securities and Exchange
Commission (SEC) rule as qualified for
trading in the national market system
(NMS security). Additional OTC stocks
may be designated as NMS securities in
the interim between the Board's
quarterly publications. They will
become automatically marginabie at
broker-dealers upon the effective date of
their NMS designation. The names of
these stocks are available at the Board
and the SEC and will be incorporated
into the Board'3 next quarterly List
The second group of securities, the
List of Foreign Margin Stocks, identifies
those foreign equity securities that are

313bt>

Federal Register / Vol. 55, No. 14S / Thursday, August 2, 1990 / Rules and Regulations

now eligible for margin treatment at
broker-dealers pursuant to an
amendment to Regulation T (12 CFR
220). (See Federal Register of March 27,
1990, at page 11158 for Board action.)
These foreign equity securities have met
the Board’s Regulation T requirements
and are now eligible for margin at
broker-dealers on the same basis as
domestic margin securities.

Exchange Act of 1934, as amended (15
U.S.C. 78g and 78w), and in accordance
with 12 CFR 207.2(k) and 207.6(c)
(Regulation G), 12 CFR 220.2(u) and
220.17(e) (Regulation T), and 12 CFR
221.2(j) and 221.7(c) (Regulation U),
there is set forth below a listing of
deletions from and additions to the
Board's List of Marginabie OTC Stocks;
and the List of Foreign Margin Stocks.

Public Comment and Deferred Effective
Date

Deletions From the List of Marginabie OTC
Stocks

The requirements of 5 U.S.C. 553 with
respect to notice and public
participation were not followed in
connection with the issuance of this
amendment due to the objective
character of the criteria for inclusion
and continued inclusion on the Lists
specified in 12 CFR 207.6 (a) and (b),
220.17 (a), (b), (c) and (d), and 221.7 (a)
and (b). No additional useful
information would be gained by public
participation. The full requirements of
5 U.S.C. 553 with respect to deferred
effective date have not been followed in
connection with the issuance of this
amendment because the Board finds
that it is in the public interest to
facilitate investment and credit
decisions based in whole or in part upon
the composition of these Lists as soon as
possible. The Board has responded to a
request by the public and allowed a
two-week delay before the Lists are
effective.

Stocks Removed for Failing Continued
Listing Requirements

List of Subjects
12 CFR Part 207

Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System
(NMS Security), Reporting and
recordkeeping requirements, Securities.
12 CFR Part 220

Banks, Banking, Brokers, Credit,
Federal Reserve System, Margin, Margin
requirements, Investments, National
Market System (NMS Security),
Reporting and recordkeeping
requirements, Securities.
12 CFR P art 221

Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System
(NMS Security), Reporting and
recordkeeping requirements, Securities.
12 CFR P art 224

Banks, Banking, Borrowers, Credit,
Federal Reserve System, Margin, Margin
requirements, Reporting and
recordkeeping requirements. Securities.
Accordingly, pursuant to the authority
of sections 7 and 23 of the Securities

Acclaim Entertainment, Inc.
Class B, warrants (expire 08-31-90)
Aircoa Hospitality Services, Inc.
$.01 par common
ALC Communications Corporations
$.01 par common
Alliance Pharmaceutical Corp.
W arrants (expire 05-28-90)
American Midland Corporation
$.01 par common
American Pioneer, Inc.
$1.00 par common
Amertek, Inc.
No par common
Assix International, Inc.
W arrants (expire 07-19-91)
Astrocom Corporation
$.10 par common
Atlantic Group, Inc., The
$.05 par common
Avery Inc.
$.01 par common
Bull & Bear Group, Inc.
Class A, $.01 par common
Calumet Industries, Inc.
$.25 par common
Campeau Corporation
No par ordinary shares
Cantel Industries, Inc.
Class B, $.10 par common
Casual Male Corporation, The
$.01 par common
Central Banking System, Inc.
$2.50 par common
Chartwell Group LTD.
$.10 par common
Chronar Corporation
No par common
Cityfed Financial Corp.
$.01 par common
Series B, $25.00 par cumulative convertible
preferred
COBE Laboratories, Inc.
No par common
Continental Health Affiliates, Inc.
$.02 par common
Daisy Systems Corporation
$.001 par common
Elron Electronic Industries LtD.
Rights (expire 04-20-90)
First Executive Corporation
W arrants (expire 10-09-92)
First of America Bank Corporation
(Michigan)
Series D, 11.25% convertible preferred,
$64.00 par value
Franklin Savings Association (Kansas)
$1.00 par guarantee stock
Group, Inc., The
$.01 par common

Home National Corporation
$.50 par common
Home Unity Savings & Loan Association
(Pennsylvania)
$1.00 par common
Initio, Inc.
$.01 par common
Intel Corporation
W arrants (expire 03-15-92), warrants
(expire 05-15-95)
Interfund Corporation
$.01 par common
International American Homes, Inc.
$.01 par common
Johnson Electronics, Inc.
$.25 par common
Lincoln Logs, Ltd.
$.01 par common
Luskin's, Inc.
$.01 par common
Maury Federal Savings Bank (Tennessee)
$1.00 par common
Merchants Capital Corporation
Class A, $.10 par common
MMR Holding Corporation
$.01 par common
National Lumber & Supply, Inc.
No par common
ORFA Corp. of America
$.001 par common
Petrol Industries, Inc.
$.10 par common
Pharmatec, Inc.
$.03 par common
Preferred Savings Bank, Inc.
$2.50 par common
Professional Investors Insurance Group, Inc.
$1.00 par common
Rocking Horse Child Care Centers of
America, Inc.
$.001 par common
Southeastern Savings Bank, Inc.
$1.00 par common
Sun Microsystems, Inc.
5V*% convertible subordinated debentures
Supreme Equipment & Systems Corporation
$.66% par common
Syntech International, Inc.
$1.00 par convertible preferred
Tierco Group, Inc., The
$1.00 par common
Transtector Systems, Inc.
No par common
Vanderbilt Gold Corporation
$.10 par common
WNS, Inc.
$.10 par common

Stocks Removed for Listing on a National
Securities Exchange or Being Involved in an
Acquisition
Acceptance Insurance Holdings Inc.
$.01 par common
Andrews Group, Inc.
$.10 par common
Automated Systems, Inc.
$.10 par common
Cipher Data Products, Inc.
$.001 par common
City National Corporation
$1.00 par common
Community National Bancorp, Inc.
$.01 par common
Concept, Inc.
$.50 par common

Federal Register / Vol. 55, No. 149 / Thursday, August 2, 1990 / Rules and Regulations
DEL Electronics Corporation
$.10 par common
Deltak Corporation
$.01 par common
Dial Reit, Inc.
$.01 par common
Easco Hand Tools, Inc.
$.01 par common
FBX Corporation
$.01 par common
First Interstate Corporation of Wisconsin
$2.50 par common
First of America Bank Corporation
$10.00 par common
Gamma Biologicals, Inc.
$.10 par common
Hartford Steam Boiler Inspection & Insurance
Company
No par common
Interchange Financial Services Corporation
No par common
Jerrico, Inc.
No par common
Kimmins Environmental Service Corp.
$.001 par common
Live Entertainment Inc.
No par common
LPL Technologies, Inc.
Class A, $.01 par common
M/I Schottenstein Homes, Inc.
$.01 par common
Molecular Biosystems, Inc.
$.01 par common
NEECO, Inc.
$.01 par common
Northwestern Public Service Company
$7.00 par common
Omnicom Group, Inc.
$.50 par common
PCS, Inc.
$.01 par common
Pioneer Financial Services, Inc.
$1.00 par common
No par cumulative convertible
exchangeable preferred
Policy Management Systems Corp.
$.01 par common
Profit Systems, Inc.
$.01 par common
Schult Homes Corporation
No par common
Sharebase Corporation
$.01 par common
Smith Laboratories, Inc.
No par common
Sturm, Ruger & Company, Inc.
$1.00 par common
Svenska Cellulosa Aktiebolaget
American Depositary Receipts
Systematics, Inc.
$.025 par common
Unifi, Inc.
$.10 par common
United Dominion Realty Trust, Inc.
$1.00 par common
United Vermont Bancorporation
$.50 par common
United-Guardian, Inc.
$.10 par common
Veronex Resources, Ltd.
No par common
Vista Resources, Inc.
$2.50 par common
Warwick Insurance Managers, Inc.
No par common

Additions to the List of Marginabie OTC
Stocks
Aicorp, Inc.
$.01 par common
Alias Research Inc.
No par common
American Film Technologies, Inc.
$.002 par common
W arrants (expire 06-30-93)
Arctco, Inc.
$.01 par common
Artistic Greetings, Incorporated
$.10 par common
Aspect Telecommunications Corporation
$.01 par common
Baker Hughes, Inc.
W arrants (expire 03-31-95)
Barton Industries, Inc.
$.01 par common
BE Avionics, Inc.
$.01 par common
Benton Oil and Gas Company
$.01 par common
Broadcast International, Inc.
$.10 par common
Cambex Corporation
$.10 par common
Canyon Resources Corporation
$.01 par common
Cedar Group, Inc.
$.001 par common
Class A, w arrants (expire 11-08-94)
CFSB Bancorp, Inc.
$.01 par common
Columbia Hospital Corporation
$1.00 par common
Community Bancshares, Inc. (Tennessee)
$1.00 par common
Crest Industries, Inc.
$.01 par common
Cross 8t Trecker Corporation
$2.50 depositary convertible exchangeable
preferred stock
Digital Systems International, Inc.
$.01 par common
Doctors Rehabilitation Corporation of
America
$.001 par common
Dynasty Classics Corporation
No par common
EUwood Federal Savings Bank
(Pennsylvania)
$1.00 par common
Environmental Elements Corporation
$.01 par common
Falcon Products, Inc.
$.02 par common
Falls Financial Inc.
$.01 par common
Fleer Corporation
$.01 par common
Gensia Pharmaceuticals, Inc.
$.01 par common
Granite Construction, Inc.
$.01 par common
Gwinnett Bancshares, Inc.
$1.00 par common
Healthinfusion, Inc.
$.01 par common
Home Federal Savings Bank of Missouri
$1.00 par common
Horsehead Resource Development Company,
Inc.
$.01 par common
IG Laboratories, Inc.
$.01 par common

31369

Immune Response Corporation, The
$.0025 par common
Integrated W aste Services, Inc.
$.01 par common
JSB Financial, Inc.
$.01 par common
K-Swiss Inc.
Class A, $.01 par common
Kasler Corporation
Convertible subordinated debentures (due
2007)
Kelley Oil Corporation
$.01 par common
Lasermaster Technologies, Inc.
$.01 par common
Laurel Savings Association (Pennsylvania)
$1.00 par common
Loewen Group Inc., The
No par common
Microscience International Corporation
No par common
Mid Atlantic Medical Services, Inc.
$.01 par common
Mid-American W aste Systems, Inc.
$1.00 par common
Midwesco Filter Resources, Inc.
$.01 par common
Millfeld Trading Co., Inc.
$.001 par common
Mr. Coffee, Inc.
$.01 par common
Neurogen Corporation
$.025 par common
NSC Corporation
$.01 par common
Orbital Sciences Corporation
$.01 par common
OSHAP Technologies LTD.
$.001 par common (IS 1.0 par value)
W arrants (expire 11-25-90)
P & F Industries, Inc.
$10.00 par cumulative convertible preferred
Picturetel Corporation
$.01 par common
W arrants (expire 03-26-92)
Pinnacle Environmental, Inc.
$.01 par common
Pioneer FED Bancorp, Inc.
$.01 par common
Poo! Energy Services Company
No par common
Ramsay-HMO, Inc.
$.001 par common
Rasterops
No par common
Score Board, Inc., The
$.01 par common
Second Bancorp, Incorporated
No par common
Security Financial Holding Company
$.01 par common
Shirt Shed, Inc., The
$.01 par common
Sullivan Dental Products, Inc.
$.01 par common
Sun Microsystems, Inc.
6%% convertible subordinated debentures
Sundowner Offshore Services, Inc.
$.01 par common
Swift Transportation Co., Inc.
$.001 par common
Taunton Technologies, Inc.
$.01 par common
Telebit Corporation
No par common

31370

Federal Register / Vol. 55, No. 149 / Thursday, August 2, 1990 / Rules and Regulations

Twin Star Productions, Inc.
$.001 par common
Unitrin, Inc.
$.10 par common
Unity Healthcare Holding CO., Inc.
$.01 par common
Ventura Entertainment Group, LTD.
$.001 par common
Vidmark, Inc.
$.001 par common
Viejo Bancorp
No par common
Wet Seal, Inc., The
Class A, $.10 par common
Workingmen's Capital Holdings, Inc.
No par common
Xilinx, Inc.
$.01 par common
Y & A Group, Inc.
$.0025 par common
Zenith Laboratories, Inc.
$.09 par common
Zeos International, LTD.
$.01 par common
The List of Foreign Margin Stocks
A dvantest Corporation
¥ 50 par common
Ajinomoto Co., Inc.
¥ 50 par common
Arabian Oil Co., Ltd.
¥ 500 par common
Bank of Tokyo, Ltd.
¥ 50 par common
Cannon Sales Co., Inc.
¥ 50 par common
Daiwa House Industry Co., Ltd.
¥ 50 par common
Fuji Fire & Marine Insurance Co., Ltd.
¥ 50 par common
Fuji Photo Film Co., Ltd.
¥ 50 par common
General Electric Co., PLC
Ordinary shares, par value 50 p
Grand Metropolitan, PLC
Ordinary shares, par value 50 p
Guinnes, PLC
Ordinary shares, par value 25 p
Hatachi, Ltd.
¥ 50 par common
Honshu Paper Co., Ltd.
¥ 50 par common
Industrial Bank of Japan, Ltd.
¥ 50 par common
Isetan Co., Ltd.
¥ 50 par common
Ito Yokado Co., Ltd.
¥ 50 par common
Japan Radio Co., Ltd.
¥ 50 par common
Kokuyo Co., Ltd.
¥ 50 par common
Komatsu Ltd.
¥ 50 par common
Mauri Co., Ltd.
¥ 50 par common
Matsushita Electric Industrial Co., Ltd.
¥ 50 par common
Mitsubishi Bank Ltd.
¥ 50 par common
Mitsukoshi Ltd.
¥ 50 par common
NEC Corporation
¥ 50 par common
Nichido Fire & Marine Insurance Co., Ltd.
¥ 50 par common

Nippon Express Co., Ltd.
¥ 50 par common
Nomura Securities Co., Ltd.
¥ 50 par common
Polly Peck International, PLC
Ordinary shares, par value 10 p
Racal Electronics, PLC
Ordinary shares, par value 25 p
Ricoh Co., Ltd.
¥ 50 par common
Sekisui Chemical Co., Ltd.
¥ 50 par common
Sony Corporation
¥ 50 par common
Taisei Corporation
¥ 50 par common
Tais’ o Pharmaceutical Co., Ltd.
n
¥ 50 par common
Tobishima Corporation
¥ 50 par common
Tohoku Electric Power Co., Inc.
¥ 500 par common
Toppan Printing Co., Ltd.
¥ 50 par common
Toyota Motors Corporation
¥ 50 par common
Victor Company of Japan Ltd.
¥ 50 par common
Yamaha Corporation
¥ 50 par common
Yamanouchi Pharmaceutical Co., Ltd.
¥ 50 par common
By order of the Board of Governors of the
Federal Reserve System, acting by its Staff
Director of the Division of Banking
Supervision and Regulation pursuant to
delegated authority (12 CFR 265.2(c)(18)), July
27,1990.
William W. Wiles,

Secretary o f the Board.
[FR Doc. 90-17970 Filed 8-1-90; 8:45 am]
BILLING CODE 6210-01-M


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102